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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Investment Assets
The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the following table.
December 2023December 2022
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed Income Mutual Funds$80 $— $80 $89 $— $89 
Corporate Bonds— 60 60 — 49 49 
Government Securities— 41 41 — 58 58 
Total Investments at Fair Value$80 $101 $181 $89 $107 $196 
Total Investments at Amortized Cost$184 $201 
Schedule of Investment Maturities
These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities of less than one year, and other long-term assets for investments with maturities of one year and greater.
(Dollars in Millions)December 2023December 2022
Less than 1 year$83 $129 
1 - 5 years37 24 
5 - 10 years17 10 
Greater than 10 years44 33 
Total investments at fair value$181 $196 
Schedule of Fair Value and Carrying Value of Long-term Debt
The fair value and carrying value of the Company's long-term debt is as follows:
(Dollars in Millions)December 2023December 2022
Long-term Debt (Including Current Maturities):  
Fair Value$17,528 $16,135 
Carrying Value18,533 18,047 
Schedule of Pension Plan Assets at Fair Value by Level
The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2023 and 2022 are shown in the table below. For additional information related to pension assets, see Note 9, Employee Benefit Plans.
 December 2023December 2022
(Dollars in Millions)Level 1Level 2TotalLevel 1Level 2Total
Common Stock$340 $— $340 $335 $— $335 
Mutual Funds32 — 32 29 — 29 
Cash and Cash Equivalents255 — 255 157 — 157 
Corporate Bonds— 646 646 — 647 647 
Government Securities— 126 126 — 88 88 
Asset-backed Securities, Derivatives and Other— 10 10 — 9 9 
Total Investments in the Fair Value Hierarchy$627 $782 $1,409 $521 $744 $1,265 
Investments Measured at Net Asset Value (a)
n/an/a$1,013 n/an/a$1,062 
Investments at Fair Value$627 $782 $2,422 $521 $744 $2,327 
(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 9, Employee Benefit Plans.